Mortgage loans are generally non-assumable however a lender may make an exception when someone has passed away. When an exception is made, it is on their terms and "they" will decide the criteria.
Read the terms and conditions of the present modification. Although they enabled your mother to remain in the home, they may not be favorable when compared to today's market place. It could be that you may be able to qualify for a new mortgage at a lower payment, in which case the existing loan would be paid in full - and you would begin again anew.
In the meantime (while you're doing some research) keep the payments current.
Should it happen you don't understand the language contained in the modification, consult with an attorney - and you may need a probate attorney to settle her estate despite your name appearing on the deed.
I'm sorry to hear of your loss and wish you the best of luck!... more
You should take a look at 301 El Grande Ln. While the neighborhood does not have a pool the Lenoir City Pool (open year around) is only about a mile away and you you not paying high maintenance fees to a community association to maintain amenities you may not be using! To see this listing or others call me at 865-986-4002
Thank you soooo much for all you have done for us Deborah!!!! You're absolutely the greatest in our eyes. You never waivered once when we changed our minds a "million" times in our search for our "perfect" place to call home. Still have to pinch myself every morning, to make sure its not just a dream. We LOVE our new home. Thanks a million!
Check your mailbox (work) in the next few days, I mailed you something special today for all of your hard work. ;)
Anyone looking for someone that will go above and beyond, Deborah is your lady to work with! She makes it FUN and can make buying a home a wonderful life event!
Usually the price that you find at an online website such as Trulia is the asking price. It can have little or nothing to do with price paid by the lender at foreclosure OR it can be related. I have seen foreclosed properties listed for far less than the lender paid and other other way too...far more than the lender paid.
It is almost impossible to get a property directly from a lender after the foreclosure process has finished. They almost always send them to a clearing house for agents or some other third party to handle.
If you are looking for a foreclosure property you might want to get involved with an agent. An agent can get you information about properties that is not readily available to most people. As a buyer, the fees for agent services are usually paid by someone else.
Hope this helps.
REALTORÂ®, Broker, e-PRO,GRI
Hop Bailey Co.
310 Forest Park Blvd
Knoxville, TN 37919
"The Extra Mile Is Never Extra"
You have to get your listing on the local MLS to get on a lot of feeds that feature listings. Just another reason why you're more successful when going through a REALTORÂ®. If I can help you, please contact me below. I'm in Knoxville.... more